Structures and Buildings Allowance

Question 1

Structures and Buildings Allowance

The Allowance is Unavailable if:

Answer 1

• Accounts are Prepared on a Cash Basis;
• A Building’s Business Use is Insignificant; or
• The Trade is Carried on in a ‘Home Office’.

Question 2

Structures and Buildings Allowance

How is an Allowance Calculated?

Answer 2

On Qualifying Expenditure at 3% Per Annum.

2% Prior to 6 April 2020

Question 3

Structures and Buildings Allowance

The Allowance is Time-Apportioned in:

Answer 3

• Accounting Period of Purchase/Construction and Sale;
• Long or Short Accounting Periods.

Question 4

Structures and Buildings Allowance

Expenditure Qualifying for an Allowance Includes:

Answer 4

• Construction Costs;
• Land Preperation Costs;
• Demolition Costs.

Question 5

Structures and Buildings Allowance

An Allowance Statement Details:

Answer 5

• The Date of Construction;
• The Qualifying Expenditure;
• The Date of First Business Use.

Required to Make a Claim.

Question 6

Structures and Buildings Allowance

What is Added to a Building or Structures Eventual Sale Proceeds?

Answer 6

The Total Allowance Previously Claimed.